A crisis of leadership : towards an anti-sovereign ethics of organisation

A common reaction to crises experienced within or brought about by business is to identify a corollary ‘crisis of leadership’ and to call for better (stronger, more thoughtful or, indeed, more ethical and responsible) leaders. This paper supports the idea that there is a crisis of leadership – but interprets it quite differently. Specifically, I argue that the most ethically debilitating crisis is the fact that we look to leadership to solve organisational ethical ills. There is, I argue, a pressing need to conceptualise a business ethics that is not constrained by the straitjacket of official hierarchy – a need to denaturalise ‘leadership’ as the normal or rightful locus of ethical regulation and renewal in business organisation. To this end, I explore a Levinasian ethico-politics of responsibility and proximity as the basis of an alternative, anti-sovereign, ethics of organisation.

Oil price uncertainty and sovereign risk: evidence from Asian economies

In this paper, we test whether oil price uncertainty predicts credit default swap (CDS) returns for eight Asian countries. We use the Westerlund and Narayan, 2011 and Westerlund and Narayan, 2012 predictability test that accounts for any persistence in and endogeneity of the predictor variable. The estimator also accounts for any heteroskedasticity in the regression model. In-sample evidence reveals that oil price uncertainty predicts CDS returns for three Asian countries, whereas out-of-sample evidence suggests that oil price uncertainty predicts CDS returns for six countries.

An analysis of sectoral equity and CDS spreads

In this paper, we find that CDS return shocks are important in explaining the forecast error variance of sectoral equity returns for the USA. The CDS return shocks have different effects on equity returns and return volatility in the pre-crisis and crisis periods. It is the post-Lehman crisis period in which the effects of CDS return shocks are the most dominant. Finally, we construct a spillover index and find that it is time-varying and explains a larger share of total forecast error variance of sectoral equity and CDS returns for some sectors than for others.

Volatility dynamics in the term structure of Latin American sovereign international bonds

We examine the nature of volatility dynamics in the term structure of sovereign bonds issued in international markets by major Latin American countries. Focusing only on the U.S. dollar-denominated sovereign international bonds, this study shows the heterogeneous nature of volatility effects that affect the term structure of individual countries in Latin America. Considering the significance of the Argentine credit event in the region, we also account for any change in dynamics following the Argentine default in 2001 by subsampling the pre- and postdefault windows. We also find some evidence of liquidity-driven volatility interaction in the term structure.

Counter-credit-risk yield spreads: a puzzle in China's corporate bond market

In this paper, using China's risk-free and corporate zero yields together with aggregate credit risk measures and various control variables from 2006 to 2013, we document a puzzle of counter-credit-risk corporate yield spreads. We interpret this puzzle as a symptom of the immaturity of China's credit bond market, which reveals a distorted pricing mechanism latent in the fundamental of this market. We also find interesting results about relationships between corporate yield spreads and interest rates and risk premia and the stock index, and these results are somewhat attributed to this puzzle.

The embrace of border security: maritime jurisdiction, national sovereignty, and the geopolitics of operation sovereign borders

Border security has become one of the key means by which the sovereignty and security of powerful nation-states is projected. This paper offers a set of observations of the Australian Commonwealth’s descriptions and instructions for its embrace of border security. Border security is legible here as a geopolitics that transforms the rights and responsibilities of maritime jurisdictions into a space of security that projects national sovereignty through the interdiction of boat arrivals. Its intensification as Operation Sovereign Borders is read as a further variation within national sovereignty, one that elevates the decisionist prerogative into total deterrence. Operation Sovereign Borders pushes the limits of sovereignty’s existence in the state toward a total domination of space, perception and human life in Australia’s maritime jurisdictions, in the name of the nation. This necessitates the development, defence and reinforcement of a regionally engaged materiality that is embodied, extended, enacted, and distributed. The intended effect of this coordinated effort is to secure the nation’s sovereignty as a unity, but the broader effect has been to devalue offshore life to secure onshore interests, in a way that now necessitates indefinite offshore detention.

Panel multi-predictor test procedures with an application to emerging market sovereign risk

As a response to the inefficient practices and possibly misleading inferences resulting from the unit-by-unit application mostly found in the literature, the current paper develops a block bootstrap based panel predictability test procedure that accommodates multiple predictors. As an empirical illustration we consider emerging market sovereign risk where data are usually available across multiple countries, and local and global predictors. The results, which are in agreement with the existing literature on the determinants of sovereign risk, suggest that the global predictors are best and that the predictive ability of the local predictors is limited, at best.

Sovereign risk and the impact of crisis: evidence from Latin America

We utilize the default by Argentina in 2001 and the Global Financial Crisis in 2008, as natural experiments, to monitor the complex interactions between sovereign bonds when subjected to endogenous and exogenous shocks. By forming pairs of Latin American sovereign bonds, bundled into similar maturity class, the analysis highlights the complex nature of risk shifting, and the temporal nature of the volatility transmission and sharing mechanisms in the lead up to, and after, a crisis period. The results show that shorter maturity groups and longer maturity groups behave in fundamentally different ways in terms of volatility transmission, while one or two leading countries act as regional benchmarks. The dynamics are consistent with temporal but segmented investor preferences, with the arrival of crisis contributing to a breakdown in the previous relationships. In addition, there is additional economic benefit from utilizing knowledge of the volatility structure underlying the historic transmission channels to improve the portfolio outcomes of market participants.

A perspective on credit derivatives

This contribution offers an explanation of credit derivatives as a group of financial instruments having a common purpose being the managing of credit exposures, and thus credit or default risk. This paper explores the links between their economic and financial manifestations and the legal bases for their widespread application. To ensure an understanding of the purposes served by each of the main types of credit derivatives, a detailed scrutiny of individual instruments is undertaken. Issues relating law and economics to trading in this type of derivative are investigated, then pricing issues and empirical evidence are considered. A summary brings together the range of features bearing upon the effective development of a market in these financial instruments.

Growing Up as Risky Business? Risks, Surveillance and the Institutionalized Mistrust of Youth

This paper will argue that a major problem for young people today is that they increasingly cause adults anxiety. This anxiety translates into a raft of interventions and strategies and programmes that target young people. These imaginings reflect and constitute a range of anxieties about the dangers posed by some young people, or to some young people, and how these risks might be economically and prudently managed. These institutionalized relationships of mistrust can have a range of often negative consequences (intended or otherwise) for individuals and populations of young people. I argue that Foucault's work on disciplinary, sovereign and governmental forms of power provides a generative framework for analysing what I refer to as the institutionalized mistrust, surveillance and regulation of contemporary populations of young people.

The impact of the conquered/settled distinction regarding the acqisition of sovereignty in Australia

Re-examination of the author's 1988 article on the significance of the classification of a colonial acquisition as being through conquest, cession or settlement - discussion of Australian judicial pronouncements on various issues - whether Australia was 'terra nullius' - whether the Aboriginal peoples were sovereign nations - whether sovereignty was acquired through settlement or conquest - the laws of England flowed into and provided the legal foundations of the colony - whether those laws recognised the pre-existing Aboriginal title - significance of the classification of a colonial acquisition - Mabo decision - issues relevant to Aboriginal sovereignty.

State sovereignty and migration control: the ultimate act of discrimination?

Nations zealously guard their borders and carefully vet migrants. This consigns many people to live in states not of their choice and often diminishes their opportunities and their level of flourishing. In some cases it is the difference between life and death. The practice of imposing migration controls is discriminatory. In fact it is the ultimate form of discrimination: 'super-discrimination.' There is no logical or moral reason why non-nationals of a state should not have the same opportunities and freedoms as nationals in that state. One of the most common forms of discrimination is race - treating a person differently simply because of their place of birth. This is one of the clearest and most repugnant forms of discrimination because the location where a person is born is of course merely a happy or unhappy circumstance over which the individual has no control. An accident of birth should not qualify a person for extra privileges or opportunities. The world is a fairer place if to the maximum extent possible luck is taken out of the process for allocating benefits and burdens - which ought to be distributed on the basis of merit and dessert. This paper examines whether there are sound reasons for restricting the flow of world-wide people movement. The main arguments in favour of this policy, relating to security and national building, are ultimately flawed. This exposes a tragic irony given the great efforts that many Western states - which typically have the strongest migration controls - make to stamp out discrimination at the domestic level, and the vast array of international law anti-discrimination instruments, loudly trumpeted by Western nations. This is hypocrisy nearing its finest. The substratum of sovereign states upon which available international law is built is inherently discriminatory and in fact is probably responsible for more harm as a result of the innately discriminatory immigration policies than results from the cumulative operation of all domestic discrimination. The world should move towards loosening migration controls. This would have an enormous number of humanistic benefits, not the least of which is largely eradicating world hunger and poverty.

Calibration and reliability of a school food checklist: a new tool for assessing school food and beverage consumption

There is a pressing need in Australia and other countries to develop systems for monitoring secular trends in childhood obesity and related behavioural and environmental determinants. Energy from foods and beverages consumed at school is an accessible indicator of children’s eating patterns and we have developed a school food checklist (SFC) to measure this. The SFC records the number of serves and source (home, canteen, vending machine) of 20 food and beverage categories. This study aims to assess the accuracy and to calibrate the SFC by comparing it to a weighed record (WR) and to evaluate inter-recorder reliability. Participants were 910 primary school children aged 5 to 12 years from a rural township in Victoria, Australia. WR were collected from a nonrandom sub-sample of 106 and a second sub-sample (n=46) had intake measured twice using the SFC to assess inter-recorder reliability. Mean energy values were 2992 kJ ± 924 and 3008 kJ ± 952 for the SFC and WR respectively and the correlation coefficient was strong (Pearson r = 0.77). The mean difference between the WR and SFC methods was 15 kJ (95% CI, -107 kJ to 138 kJ) and the limits of agreement (+2 standard deviations) were ± 1270 kJ. The SFC overestimated the energy/serve of breads and fruit drinks and under-estimated energy/serve from fat spreads, biscuits/crackers, muesli/fruit bars and fruit. Inter-recorder reliability was good (kappa 0.51). The SFC was designed to measure energy from food and beverages in schools. It has good accuracy and reliability and the revised version should further improve accuracy of the instrument.